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The Dow is set to end another week with a close above 8,000. In fact, the U.S. stock market is at a crossroad of sorts. Right now, Dow 8,000 is not an issue: 5 consecutive weekly closes and roughly 400 points above 8,000 suggest that battle has been won by bulls.
Still, the bears will argue that the Dow is not that far above the psychologically-important 8,000 level and that this market is more than capable of wiping out that cushion in two sessions. Further, the bears also argue that while the Dow has closed above 8,000 for about a month, it hasn't been able to both make and sustain new highs above 8,600, then 8,800 and 9,000 etc.
The most sweeping fiscal stimulus in a generation is about to be signed into law by President Obama. It amounts to $787 billion and includes tax incentives, infrastructure projects, renewable energy developments, and payment to state and local authorities.
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